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Ok, just to clear things up a little, I think this is a very easy fold. I'm still interested in the guys range because it seems insanely thin and I thought this would be a good exercise. I am also not worried about being exploited here by either of them. I think it's worth thinking about ranges because I think it's usually a mistake to make any decision before thinking about ranges.
So what slowplayed nut hands can he have?
AA/KK/AK/44 should be really scared of giving a free card against 2 players when one of us is going to always have a spade, and should bet this 100%. This is even more true when we have a huge fish behind who is likely to call a wide range of straight draws/2 pairs/etc etc and I might be trying to c/r. Could he be making a weird 2NL slowplay here? Maybe, but very unlikely hands imo.
Flushes? - The most likely is QJs, but even that is a pretty unlikely PFR from this guy UTG. Flushes here are very unlikely imo.
Total air bluffs e.g. something like 33 - this guy might not even raise all PPs preflop and might just be stuck with broadways and medium+ pairs. If he has something like 33 here I'd guess he bluffs with it just about never.
Hands with equity turning into bluffs - Q Q - possible I suppose, but I just don't see a player like this turning it into a bluff, especially 3 way and with a fish who is still likely to call with X J /Ax.
So what can he actually have? The only thing that makes sense to me here is 66. Now don't get me wrong. Super thin range doesn't automatically mean bluff against this guy, and I decided to fold after about 3 seconds. It's still worth thinking about what he can actually have, and I think it makes a good exercise for someone new to hand reading.
edit: If he bets flop I just fold. If the fish comes along too then I'm almost always behind, and if the fish doesn't come along then I'm slightly ahead/way behind, very often way behind, out of position, and every turn card is scary.
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